Shortly after taking the most important job in German industry, Volkswagen AG Chief Executive Officer Oliver Blume got some bad news.
A top executive had been dispatched to China to review the competitive landscape and his assessment was grim. At the company’s headquarters in Wolfsburg — a sprawling factory complex the size of Monaco — he told his new boss that Europe’s largest carmaker was losing the electric-vehicle race in its most important market and had no prospect…
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